Optimism activates protection against failures in the main network, OP drops by 55% in 3 months

Featured in:
abcd
Optimism activates protection against failures in the main network, OP drops by 55% in 3 months

In a major milestone for Ethereum and Layer 2, Optimism, the Layer 2 scaling platform for the second most valuable network, announced the activation of its open source software and permissionless fault protection.

Even though the platform manages over $7 billion in assets, according to L2Beat,Optimism, like most confident summaries, had no way to ,reliably verify transactions. This feature relied on a centralized sequencer and a cheat-proof system.

sadasda
TVL optimism | Source: L2BEAT

Optimism activates a trustless fraud-resistant system

Activating the open source fault-tolerant system is critical to creating a more decentralized and secure future for the Optimism ecosystem. Overall, error proofing is a key element in allowing users to verify the validity of all off-chain transactions.

Most importantly, it allows users to challenge any fraudulent activity on the Optimism platform, creating protection against unauthorized withdrawals and more.

In the post, Optimism Laboratories he said the layer 2 platform was based on a centralized system. In this case, the Optimism Security Council had the authority to initiate withdrawals.

However, the platform eliminates this dependency by implementing reliable failure protection. This means that any user can withdraw tokens without council intervention. The power shift is huge for community and decentralization.

Nevertheless, to ensure the sheltered implementation of this fault-tolerant system, the Optimism Safety Board will still have the authority, at least temporarily, to intervene in the event of critical failures. This decision means that Optimism will continue to operate securely as it gradually decentralizes.

Ultimately, the platform plans to release a “multi-proof nirvana,” open-source and modular, likely including zero-knowledge proofs. This goes beyond the current “Armata” system.

Buterin’s confirmation, but why does OP crash?

Vitalik Buterin, co-founder of Ethereum, found this milestone, welcoming Optimism to the “Stage 1+ L2 Club”. Nevertheless, the co-founder still needed more zero-knowledge Layer 2 platforms to join his ranks.

Vitalik Buterin confirms a milestone of optimism |  Source: Vitalik Buterin via Warpcast
Vitalik Buterin confirms a milestone of optimism | Source: Vitalik Buterin via Warpcast

Optimism is the second Layer 2 platform after Arbitrum to announce fault-tolerant systems, although both are still being tested. Arbitrum’s fraud-proof system, called “bounded liquidity delay” (BOLD). fired on Testnet early last month.

OP price falls on the daily chart |  Source: OPUSDT on Binance, TradingView
OP price falls on the daily chart | Source: OPUSDT on Binance, TradingView

Despite this milestone, the OP remains unwavering, but is under pressure in the first half of June.

At spot rates, OP is down about 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break the May lows of $1.8 with an eye on $1.1.

Feature image in Canva, chart from TradingView

abcd
sadasda

Find us on

Latest articles

Related articles

See more articles

SHIB Army Calls on Binance CEO to Start Burning...

U.Today – Check out the top three U.Today news stories from the past day. Binance CEO Faces SHIB...

Forbes Says Shiba Inu Price Will Rise 1700% to...

The Shiba Inu price and its possible direction have long been a point of contention among analysts....

Exclusive: Bit Digital CEO Discusses Biden vs. Trump, ETFs,...

Earlier this week, ETFs saw their strongest buying activity since early June, when the price of the...

Bitcoin Falls Out of US Stocks’ Rhythm: What Could...

The latest data shows that Bitcoin has completely decoupled from American shares. This is significant considering that...

GoldenDolphin Presale: A Up-to-date Opportunity in Multi-Chain Memecoin

Dubai, United Arab Emirates, July 11, 2024, Chainwire GoldenDolphin, a modern cryptocurrency project, has announced the official...

XRP set to soar 60,000% with tightest Bollinger bands...

In an analysis shared via X and YouTube, crypto analyst Matt “The Great Mattsby” Hughes highlighted what...